Time for banks to step up to aid the recovery: Orr

Reserve Bank governor Adrian Orr said the government has borne the brunt of covid. (Photo: BusinessDesk)

Wed, 03 Nov 2021

Banks have "had it good" so far in the covid pandemic and will need to play a greater part in the recovery than simply lending on residential property, said Reserve Bank governor Adrian Orr."They've had it very good to date," although banks have been under some operational pressures to deal with demand, Orr told journalists at a virtual press conference.Up to now, "it's been the government's balance sheet that has borne the brunt" of the pandemic's economic impact.Banks' financial positions are...

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